Regulatory Alerts2021-07-25
Companies Law No. 12 of 1991
The Iraqi Council of Representatives enacted Companies Law No. 12 of 1991 to regulate mixed and private companies, protect creditors and shareholders from fraud and conflicts of interest, and ensure comprehensive information disclosure. The law defines various corporate structures including joint stock, limited liability, partnership, and sole proprietorship entities, while establishing strict capital requirements, subscription procedures, and governance rules for holding companies. It further mandates specific registration processes, capital payment obligations, and liability frameworks to standardize commercial operations and safeguard economic stability.
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